19 April 2011
Oman United Insurance Co has reported a 65 per cent decline in first-quarter net profit to RO362,951 despite modest growth in premiums, the company said in a filing on the Muscat Securities Market (MSM) website on Monday.

The fall in profit was mainly due to shrinkage in core earnings on higher claims and non-remunerative stock market investments during the first quarter.

The firm reported a net profit of RO1.04mn in the first quarter of last year. Income from investments declined by 83 per cent to RO237,615 from RO1.4mn last year.

Gross premiums rose 90 per cent to RO9.8mn in the first quarter compared to RO5.15mn in the first quarter of last year. Gross underwriting results surged by 175 per cent to RO887,950 compared to RO322,165 last year.

© Muscat Daily 2011